Both Brent and WTI registered drops of more than 3%, while investors believe that tension between Israel and Iran will not increase.
The price of Petroleum fell again for the third consecutive day this Wednesday and continues its correction, pressured by the increase in commercial inventories of USA, the weakest economic data China and advances in Washington in aid bills Ukraine and Israel.
The barrel of oil Brent for delivery in June, which is the reference for the fuels in Uruguay, It fell below $90 and was sold with a sharp drop of 3.03% in the London futures market, which accelerated the correction of crude oil this week and left it at $87.29.
Meanwhile, the West Texas Intermediate (WTI) closed with a drop of 3.13%, to $82.69 a barrel, at a time when operators rule out that an increase in tension between Israel and Iran threaten the supply of crude oil.
The market is waiting for Israel’s response to Iran’s air attack last Saturday, but fear is dissipating among operators that a war The broader dispute between both countries led to an interruption in the supply of crude oil, which significantly lowered its price.
The United States reimposed sanctions on Venezuela
Besides, USA announced that it will not renew a license that will expire this Thursday and that it had greatly eased oil sanctions on Venezuela, reimposing punitive measures in response to the president’s failure to comply Nicolas Maduro facing the elections, something repeatedly questioned by the Uruguayan government.
Just a few hours before the deadline, the Treasury Department of the United States announced on its website that it had issued a replacement license giving companies 45 days to “close” their businesses and transactions in the South American country’s oil and gas sector.
Washington had repeatedly threatened in recent months to reinstate energy sanctions unless Maduro fulfilled his promises that led to a partial easing of measures since October, following an electoral agreement reached between the government and the Venezuelan opposition.
“Areas where they have fallen short include disqualification of candidates and parties due to technicalities and what we see as a continuous pattern of harassment and repression against opposition and civil society figures,” said the government headed by Joe Biden.
This decision could boost global oil prices and increase the flow of Venezuelan migrants to the border with Mexico, they anticipated from Reuters.
Source: Ambito
